South Korea's Economy Expands at Fastest Pace in Over Five Years During First Quarter

Deep News04-23

Data released by the Bank of Korea on Thursday revealed that the nation's economy recorded its most rapid quarterly growth in five and a half years during the first quarter, supported by robust exports and resilient domestic demand, despite ongoing tensions in the Middle East.

Preliminary figures from the central bank indicated that real Gross Domestic Product (GDP) increased by 1.7% compared to the previous quarter. This marks the strongest quarterly expansion since the third quarter of 2020, when the economy grew by 2.2%.

The latest growth figure is nearly double the Bank of Korea's earlier forecast of a 0.9% increase.

As the fourth-largest economy in Asia, South Korea's economy contracted by 0.2% in the first quarter of 2025, followed by growth of 0.7% and 1.3% in the subsequent two quarters. However, the economy shrank again by 0.2% in the final quarter of last year, primarily due to weak facility investment and a downturn in the construction sector.

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